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Cardano Beats Bitcoin and Ethereum in Terms of Transaction Volume

According to data provided by Messari, Cardano, the largest proof-of-stake (PoS) blockchain, displaced Bitcoin and Ethereum to occupy the first position in terms of transaction volume over 24 hours, negating critics who claimed that Cardano is a ghost chain.

The data shows that Cardano beat Bitcoin and Ethereum at $17.56 billion, while the two largest cryptocurrencies recorded 24-hour volumes of $10.55 billion and $5.77 billion respectively.

Read Also: CoinShares: Ethereum Competitors, Cardano, Solana, Polkadot See Institutional Inflows

Cardano also outperformed Bitcoin and Ethereum in adjusted volumes, with a 24-hour volume of $17.15 billion, while the latter coins managed to record $4.67 billion and $4.25 billion respectively.

Comparing transaction fees, Cardano users paid only $51,985.43 within 24 hours, while Bitcoin and Ethereum users paid $0.51 million and $19.39 million respectively.

Cardano, which has been tagged as a ghost chain now has a number of decentralized applications (DApps) running on top of its blockchain. And the number of wallets holding ADA has also surpassed three million.

A Cardano enthusiast shared the new height with the community members a couple of hours ago.

“Cardano’s in 1st place for most transaction activity (Adjusted Volume last 24 hrs) It overtook BTC and Ethereum.  Adjusted transaction volume is a way to isolate only meaningful transactions and fairly compare utxo & account models. Look at the fees.”

Cardano Beats Bitcoin and Ethereum in Terms of Transaction Volume
Courtesy of Messari

Read Also: This Metric Shows That Cardano (ADA) Hasn’t Been This Undervalued Since March 2020 Crash

SundaeSwap’s Milestone

Moreover, the Cardano-based decentralized exchange, SundaeSwap, has reportedly attained a milestone of over 75 million ADA traded after only three weeks of mainnet launch.

SundaeSwap tweeted, “After only 3 weeks of being live, #SundaeSwap has reached over 75,000,000 ADA traded!”

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Solomon Odunayo
Solomon Odunayo
Solomon is a trader, crypto enthusiast, and analyst with over four years of experience in the industry. He strongly believes that crypto assets and the blockchain will continue to gain prominence. At TimesTabloid.com, he focuses on news, articles with deep analysis of blockchain projects, and technical analysis of crypto trading pairs.
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